William Penn acquired the territory which became Pennsylvannia in 1681 as
a place of settlement for England's Quakers. Penn had Philadelphia, The
City of Brotherly Love, laid out in 1682 at the confluence of the Delaware
and Schuylkill rivers. This location gave Philadelphia access to the inland
agricultural areas and to sources of coal and iron ore for its iron industry.
By 1700 it had grown to a population of 10,000 and was said to be the equal
of New York in trade and wealth. The policy of religious toleration
attracted great numbers of German, Scot-Irish and English immigrants.

By the 1770's Philadelphia had a population of 30,000 and was the third
most important business center in the British Empire, exceeded only by
London and Liverpool. Everyone in Philadelphia seemed to be engaged in
trade. Lumber and wood products were shipped to the Carribean to exchange
for sugar and rum which were carried to England to be exchanged for
manufactured goods. Philadelphia surpassed New York in commerce until
about 1819 and in finance until about 1850. Philadelphia was also a major
center of the industrial revolution in America.